SEATTLE, March 25, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.27 percent, up 8 basis points from this time last week. The 30-year fixed mortgage rate surged early last week, peaking at 4.33 percent on Thursday before dropping down near 4.28 percent, where rates hovered for the remainder of the week.
"Last week, rates surged after the Federal Reserve suggested it might increase the Federal Funds Rate sooner and more significantly than expected, surprising many market observers who look to this rate for guidance on where mortgage rates are headed," said Erin Lantz, director of mortgages at Zillow. "This week, we expect rates will inch up further on the momentum of last week's direction from the Fed and expectations of positive news from economic data scheduled for release."
Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 3.22 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.87 percent.
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.
| State |
Current 30-Year Fixed Rate (03/25/14) |
Last Week's 30-Year Fixed Rate (03/18/14) |
Change in Basis Points |
||
| California Mortgage Rates | 4.28% | 4.21% | +7 | ||
| Colorado Mortgage Rates | 4.29% | 4.19% | +10 | ||
| Florida Mortgage Rates | 4.21% | 4.14% | +7 | ||
| Illinois Mortgage Rates | 4.28% | 4.16% | +12 | ||
| Massachusetts Mortgage Rates | 4.27% | 4.16% | +11 | ||
| New Jersey Mortgage Rates | 4.26% | 4.20% | +6 | ||
| New York Mortgage Rates | 4.33% | 4.19% | +14 | ||
| Pennsylvania Mortgage Rates | 4.25% | 4.14% | +11 | ||
| Texas Mortgage Rates | 4.32% | 4.23% | +9 | ||
| Washington Mortgage Rates | 4.25% | 4.19% | +6 |
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
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